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Sears Posts 3rd Quarter Loss

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Sears Holdings Corporation has announced a 146-million quarterly loss. The Hoffman-Estates based retailer is considering closing more stores.

The economic downturn has caused many retailers to struggle, including Sears Holdings Corporation, the parent company of Sears and Kmart stores. A big chunk of the third quarter loss is related to charges associated with closing some poorly performing stores, but revenue has also dropped from the third quarter of last year. Sales at Sears stores are down 11 percent from last year and sales at Kmart stores are off by 7 percent.

The company says the declines are driven by the sluggish housing market and the decline in consumer spending. But, it’s doing what it can to compete for customer dollars this holiday shopping season. Including reintroducing layaway in its stores, a program it says has been “encouraging.”

I’m Adriene Hill, Chicago Public Radio.

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